(May 3, 2021)
Lubbock, Texas –
Peoples Bancorp, Inc., parent company of Peoples Bank, announced today the successful closing of the previously announced acquisition of Baylor Bancshares, Inc., parent company of the First Bank and Trust. The merger agreement was unanimously approved by the Boards of Directors of both bank holding companies and their subsidiary banks and completed in accordance with the terms of the previously announced agreement on April 30, 2021.
“We would like to welcome all of our new family members of First Bank and Trust; this includes the employees, customers and communities served by First Bank and Trust. Our company is deeply committed to these stakeholders and this transaction will serve only to strengthen our ties and commitments,” said Larry C. Allen, Chairman and Chief Executive Officer of Peoples Bancorp, Inc. and Peoples Bank. “We look forward to further promoting the Peoples Bank brand of banking in these communities. We will begin moving toward offering First Bank and Trust customers more banking solutions in the future. We intend to convert the First Bank and Trust accounts to the Peoples Bank core processing system in the fourth quarter of 2021, completing the joining of the two entities.”
With this merger, Peoples Bancorp, Inc., expands its presence into the North Texas, Dallas/Fort Worth Metroplex and Central Texas regions with locations in Seymour, Princeton and Whitney, Texas. The combined company has approximately $850 million in assets as a result of the transaction.